Completion of Acquisition of UK Pensions Business
13 February 2019
STM Group Plc (AIM: STM), the cross border financial services provider, is pleased to announce that yesterday it completed the acquisition of the Carey UK pension businesses following FCA approval for change of control of the UK SIPP business being granted.
On 9 October 2018, STM announced that it had entered into an agreement to acquire 100% of Carey Administration Holdings Limited ("CAHL" or "Carey"). CAHL in turn owns 70% of Carey Pensions UK LLP, offering SIPP administration products to the UK market, and 80% of Carey Corporate Pensions UK Limited, offering auto-enrolment workplace pensions solutions ("AE") to UK based SMEs. The minority shareholdings of both Carey Pensions UK LLP and Carey Corporate Pensions UK Ltd are owned by Christine Hallett, who continues as Managing Director of the Carey Pensions businesses.
Christine Hallett, MD of the Carey Pensions businesses, commented:
"We are delighted that the acquisition has now finally been completed. STM's vision for the UK market, both in terms of SIPPs and workplace solutions, as well as their support and resources, makes STM the perfect partner for us to be able to further grow successful and profitable businesses."
Alan Kentish, CEO of STM Group added:
"We are delighted that Christine and her teams are joining the STM Group. The two UK focused pensions businesses give us some really exciting options for our growth strategy. I have no doubt that the support and stability of STM will allow the Carey Pensions businesses to flourish; they have solid product offerings and a loyal and professional intermediary base."
For further information, please contact:
|STM Group Plc|
|Alan Kentish, Chief Executive Officer
|Via Walbrook PR
|Therese Neish, Chief Financial Officer
|Matt Goode / Emily Watts - Corporate Finance||Tel: +44 (0) 20 7220 0500|
|Tim Redfern / Richard Chambers - ECM|
|Tom Cooper / Paul Vann||Tel: +44 (0) 20 7933 8780
Mob: +44 (0) 797 122 1972
Notes to editors:
STM is a multi jurisdictional financial services group which is listed on the AIM Market of the London Stock Exchange. The Group specialises in the delivery of a wide range of financial service products to professional intermediaries and the administration of assets for international clients in relation to retirement, estate and succession planning and wealth structuring.
STM has operations in the UK, Malta, Gibraltar, Jersey, and Spain. The Group is looking to expand through the development of additional products and services that its ever more sophisticated clients demand. STM has developed a specialist international pensions division which specialises in SIPPs, Qualifying Recognised Overseas Pension Schemes (QROPS), and Qualifying Non UK Pension Schemes (QNUPS). STM has a Gibraltar Life Insurance Company, STM Life plc, which provides life insurance bonds - wrappers in which a variety of investments, including investment funds, can be held.
Further information on STM Group can be found at www.stmgroupplc.com